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Party General Secretary and State President To Lam (R) and Mongolian Prime Minister Luvsannamsrain Oyun-Erdene.

Vietnam’s top leader meets with Mongolian PM

Party General Secretary and State President To Lam had a meeting with Chairman of the ruling Mongolian People's Party (MPP) and Prime Minister Luvsannamsrain Oyun-Erdene in the capital city of Ulaanbaatar on September 30, as part of his ongoing state visit to the East Asian country.

Both leaders expressed their delight at the elevation of bilateral ties to a comprehensive partnership level during Lam’s visit.

They agreed to further enhance political trust by maintaining the exchange of all-level delegations, step up substantial and mutually beneficial cooperation to create a significant shift in economic, trade, and investment relations, and further uphold the role of the Vietnam-Mongolia Inter-Governmental Committee.

They will actively encourage firms to join trade promotion programmes and business connectivity initiatives in each country, aiming for stable growth in trade cooperation. The leaders stressed the importance of deepening people-to-people exchanges, as well as cultural and educational collaboration, while promoting broader joint work in labor, sci-tech, information and communications.

Lam affirmed Vietnam's consistent policy of valuing cooperation with Mongolia and expressed his wish to develop bilateral ties in an increasingly substantive, effective and long-term manner, in line with the interest, potential and need of both nations.

He praised the signing of a new cooperation document between the Communist Party of Vietnam (CPV) and the MPP, which laid a foundation to advance party-to-party relations in the future, cited VNA.

On the occasion, Lam thanked the Mongolian Government and people for their support of 200,000 USD to help locals of northern Vietnam recover from the damage caused by recent Typhoon Yagi.

PM Oyun-Erdene congratulated Vietnam on its socio-economic achievements and increasingly important position and role in the region and the world. He affirmed that strengthening comprehensive and extensive cooperation with Vietnam is a top priority of Mongolia's foreign policy in the region.

He wished to further expand cooperation with Vietnam in various fields, including politics, national defense-security, economy-trade, education, sci-tech, transportation, logistics, culture, sports, tourism, and people-to-people exchanges, as well as at multilateral forums and mechanisms that match bilateral comprehensive partnership.

HSBC maintains Vietnamese GDP growth projection at 6.5% this year

With the potential upside risks offsetting the temporary economic disruptions caused by typhoon Yagi, the Vietnamese economy is projected to grow by 6.5% for both 2024 and ahead to 2025, according to the latest report "Asian Economics Quarterly - Coming for a landing” released on September 30 by HSBC.

This represents the highest growth forecast that international organizations have given to the Vietnamese economy's outlook after typhoon Yagi.

Earlier on September 24, Singapore-based United Overseas Bank (UOB) moved to lower its growth forecast for the nation from 6% to 5.9% this year due to typhoon Yagi, while the Asian Development Bank (ADB) maintained its growth forecast at 6%.

Waiting for further lift

HSBC pointed out that Vietnamese economic recovery continues to firm up as the Year of the Dragon progresses. Growth improved, enjoying an annual increase of 6.9% in the second half of the year.

The recovery recorded in the external sector has started to broaden out beyond consumer electronics, although the pass-through to lifting the domestic sector still remains to be seen.

For one, the manufacturing sector has emerged strongly from last year’s woes. Purchasing managing indices (PMIs) have also registered five consecutive months of expansion, while industrial production (IP) has registered a bounce-back in activity for the textiles and footwear industry as well.

This in turn has supported robust export growth, keeping it in double digits, with structural forces such as expanding market access for Vietnamese agricultural produce also underway, according to VOV.

Photo: VOV

However, the domestic sector is recovering more slowly than initially expected, with retail sales growth still below the pre-pandemic trend. Encouragingly, the Government has put in place measures in support of a wide range of domestic sectors which is expected to shore up confidence moving forward.

Environment tax cuts on fuel and value-added tax cuts for certain goods and services will last until the end of the year, while the revised Land Law effective from August will buttress the outlook for real estate. Albeit still early, the latter seems to have already contributed to a boost in foreign investment in the sector, with recent FDI showing broad-based gains, according to think tanks.

Regarding inflation, price developments are turning more favorable in the second half of the year, particularly as unfavorable base effects from energy have faded. An expected Fed easing cycle will also help to further alleviate some exchange rate pressures.

Taking all of these factors into consideration, experts maintain their inflation forecasts at 3.6% this year, well below the State Bank of Vietnam’s target ceiling of 4.5%. For 2025, they keep their inflation forecast at 3.0%.

Vietnam, China seek stronger trade, industrial cooperation ties

Minister of Industry and Trade Do Hong Dien had a working session with China's Minister of Industry and Information Technology Jin Zhuanglong in Beijing on September 30 as part of the Vietnamese official’s trip to China for the 13th meeting of the Vietnam-China Committee for Economic and Trade Cooperation.

Dien said that the Vietnamese delegation's trip to China aims to implement the common perceptions reached by senior leaders of Vietnam and China during Party General Secretary and State President To Lam’s August visit to China, and continue promoting economic, trade and industrial cooperation between the two countries.

He thanked Jin and Chinese colleagues for their coordination with the Vietnamese side to ink a memorandum of understanding on industrial cooperation between the Ministry of Industry and Trade of Vietnam and the Ministry of Industry and Information Technology of China. The signing of this document is of great significance, which serves as a basis for the two sides to promote the content of cooperation in their strengths for the development in industry, and at the same time develop the cooperative relationship between the two ministries.

Dien said that industrialisation and modernisation is a thorough and consistent policy of the Party and State of Vietnam. After nearly 40 years of Doi Moi (Renewal), especially in the 10-year period from 2011 to 2020, the industrialisation and modernisation process has helped promote Vietnam's economic growth to an average of 6.17% per year, making Vietnam a middle-income developing country.

He said that Vietnam's industrial sector has been restructured with a reduction in the proportion of the mining industry and an increase in the processing and manufacturing industry's proportion. A number of large-scale industries have been formed with the ability to compete and clinch a solid position in the international market, he noted, adding that the scale of industrial production has been continuously expanded.

Minister of Industry and Trade Do Hong Dien (R) and China's Minister of Industry and Information Technology Jin Zhuanglong (Photo: VNA)

Furthermore, infrastructure of industrial parks and industrial clusters has developed, contributing to attracting domestic and foreign investors, especially in industries and fields with potential, advantages, and high added value, said Dien.

Vietnam and China are neighboring countries, and Vietnam has participated in a series of free trade agreements with major partners, such as the Vietnam-EU Free Trade Agreement (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Economic Partnership Agreement (RCEP). These agreements have helped bring the production and supply chains between Vietnam and China closer, creating more cooperation opportunities for businesses operating in the industrial sectors of the two countries, the official said.

To promote cooperation in industry between Vietnam and China, Dien suggested that both sides should enhance collaboration in the automotive industry. This includes fostering partnerships with large corporations that have invested in Vietnam and working with domestic companies in the production and assembly of vehicles to align with the government's direction and the Vietnamese market, VNA reported.

Regarding cooperation in the consumer goods industry, he proposed China coordinate to organize workshops to share experience to help Vietnam in upgrading production lines and minimizing raw material waste in food processing. He noted that China's food sector is applying advanced technologies such as 5G and artificial intelligence to improve operations in food processing.

Dien also called for increased collaboration on scientific and technical research, as well as technology transfer in the exploration, extraction, processing, and utilization of minerals to enhance efficiency, reduce resource loss, improve labor productivity, and ensure environmentally friendly products in compliance with Vietnamese laws and standards.

Additionally, both sides need to strengthen exchanges and share experiences and policies at both central and local levels regarding supply chain development as well as promote linkage between Chinese FDI enterprises and domestic Vietnamese companies, he said. He also requested that China enhance support for Vietnamese businesses to deeply engage in supplying products and services to foreign investors, share information, and organize training sessions to assist Vietnamese officials and experts in managing and developing industries.

The Vietnamese government has attractive policies to draw foreign businesses to invest in foundational industries, supporting industries, mechanical technology, manufacturing, and new energy sectors, Dien said. He expressed his wish for both sides to expedite the implementation of three railway routes connecting Vietnam and China, namely Lao Cai-Hanoi-Hai Phong; Lang Son-Hanoi and Mong Cai-Ha Long-Hai Phong lines.

For his part, the Chinese Minister of Industry and Information spoke highly of the memorandum of cooperation recently signed between the two ministries in August this year, suggesting that both sides could establish regular cooperation and exchange mechanisms to further enhance economic and industrial collaboration. Highlighting areas with significant potential for cooperation, Jin said that businesses from both countries could boost collaboration in sectors of mutual interest, such as raw materials, the automotive industry, electrical engineering, and the development of industrial zones.

He held that many major automobile manufacturers in China plan to expand their investments and operations in Vietnam and his ministry is committed to supporting Chinese companies in their investment expansion in the neighboring country.

Regarding the proposal for cooperation in the mineral sector, Jin affirmed that this area holds significant potential for both sides, and it is ready to collaborate with Vietnam to support businesses of the two countries in researching and implementing joint projects in mineral exploration, exploitation and processing while adhering to the legal policies of both nations.

Affirming that there remains ample room for Vietnam and China to cooperate in terms of industry, he suggested that both sides should promote the development of supply chains in the industry, enhance collaboration in electrical engineering, consumer goods, supporting industries, and foster the development of aerospace technology.

Typhoon Krathon likely to enter East Sea

Typhon Krathon is likely to enter the northeastern sea area of the East Sea over the next 24 hours, and it is unlikely to affect Vietnamese coastal areas and the mainland, according to the National Center for Hydro-Meteorological Forecasting.

Forecasters said at 1 p.m. on September 30 that the eye of the storm was located in northern sea area of Luzon Island of the Philippines, with the strongest winds near the storm’s centre reaching between 167km and 183km per hour.

Photo: VOV

Over the course of the 72 to 120 hours, the storm will move in a north-northeast direction at speeds of between 5km and 10km per hour, with the intensity continuing to weaken, cited VOV.

Due to the impact of the typhoon, there will be strong winds and rough seas occuring in the northeastern sea area of ​​the East Sea from early morning on October 1, with sea waves reaching between 2.0 metres and 4.0 meters high.

Vessels operating in the affected areas are therefore likely to experience whirlwinds, strong winds, and high sea waves.

Cruise ship brings nearly 3,000 international guests to Ha Long

The Italian-flagged Costa Serena, carrying nearly 3,000 foreign passengers and over 1,000 crew members, arrived at the Ha Long International Cruise Port on September 30.

Having docked in Vietnam multiple times, yet this is the first visit by the cruiser to Ha Long city in the northeastern province of Quang Ninh. The passengers abroad primarily hail from Chinese-speaking countries and regions. During their stay, they are set to explore Ha Long Bay as well as the city’s downtown area and tourist attractions.

The Italian-flagged Costa Serena docks at the Ha Long International Cruise Port. (Photo: NDO)

Costa Serena is scheduled to depart at 6 pm on the same day, and expected to return for more visits on October 14, October 18, November 4, and November 8.

According to the municipal Department of Tourism, Ha Long anticipates hosting around 70,000 tourists aboard between 60 and 70 cruise ships this year, with the year-end period expected to be the peak season.

Typically, the city experiences bustling cruise tourism from November of the previous year through April of the following year.

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